BTC Blockchain issues



  • I am just curious if anybody else has been having issues with sending / receiving BTC lately? I have sent out 2 separate transactions over the past week, and each of them have taken MULTIPLE days.

    With that being said, this is just more reason to try to get BURST more recognized and used more widely than it currently is. Crypto currencies in general are going to start being used more widely as times goes on, and I would just like to see BURST continue to grow into one of the leaders to spite the issues that BTC is currently having.



  • @tomahawkeer I just transferred BTC yesterday and today. I have no problems. But it is slower than the usual though.



  • @tomahawkeer

    You have to understand the transaction model that BTC uses. Due to the fact it is limited in the number of transactions per second that can be processed the network evaluates the individuals that want to send BTC and process the orders based upon highest transaction fees first. If you tick the box that says "only send minimum required" chances are your money will never go through. I think the current recommended transaction fee is at 25K Sats per K/B of data. When transferring BTC to Polo to buy Burst for the IBmining Asset I typically go at 1/2 the recommended rate. It saves funds for the Asset and it take a little longer to get there but no big rush, it just means a couple more Burst for us.

    HTH,

    -IceBurst



  • Thats the thing, one of the transactions I used a max fee, and it took 2 days. The other was a zero fee, and is still pending, which that makes sense, but not when you send with a higher fee.


  • admin

    Moved to Off Topic


  • admin

    At some point this will happen to Burst, too. When there will be more than 254 Transactions in a Block the transactions with the higher fee (two, three or more Bursts) will be transferred first.

    In that way it is self regulating. Bitcoin is not build for millions of microtransactions (yet) or never will be.
    I can imagine a future were you think twice if you really need so many transactions.



  • sorry guys, but I just click send. there's a recommended fee and i don't alter it. XD



  • @daWallet said in BTC Blockchain issues:

    At some point is will happen to Burst, too. When there will be more than 254 Transactions in a Block the transactions with the higher fee (one, two, three Bursts) will be transferred first.

    In that way it is self regulating. Bitcoin is not build for millions of microtransactions (yet) or never will be.
    I can imagine a future were you think twice if you really need so many transactions.

    how about sending dividends?


  • admin

    @jervis What about it? Sending dividends daily to hundreds of people may be not reasonable in one or two years. We will see.

    At some point in the future Burst has to scale 10 or 100 times or dynamically. This will be a happy fork for us all. :)



  • @daWallet i mean, if the fees or the number of transactions of blocks will increase, then sending multiple dividends at a time might congest the blockchain? Correct me if im wrong. XD


  • admin

    @jervis If transactions could not be included in current block they will be included in the next ... and so on ... you can always give your transactions high prio by pay more fees.



  • @daWallet said in BTC Blockchain issues:

    @jervis What about it? Sending dividends daily to hundreds of people may be not reasonable in one or two years. We will see.

    At some point in the future Burst has to scale 10 or 100 times or dynamically. This will be a happy fork for us all. :)

    I am wondering about other issue... When Burst hit 1Burst = 0.1 BTC that would make the coin too damn expensive to make transactions with it, you will pay 33$ (per each 1000 burst transfered) to transfer it to another account... That's too damn high! xO

    The fees could be changed in the future to compensate this issue? like make the ratio smaller (instead of being 1 burst per 1000 burst could be 0.01 per 10 Burst transfered or something)?


  • admin

    @gpedro As far as I see it the minimum fee for a transaction could be lowered to 0.00000001 Burstcoins. Eight decimals like in Bitcoin. If we decide as a community to go this route, only the 'higher fee' transactions get sent immediately in case of congestion.

    By the way: We don't have a name for the smallest unit yet. Maybe it is too early ;)



  • @daWallet Oh ok cool... xD Regarding to the name i vote for BURSTpennies xP



  • burstcent



  • i suggest bubbles. lol! bursting bubbles xd



  • @gpedro If people leave BitCoin and come to Burst BitCoin will drop so in your case of .1 BTC means that BitCoin is at $10 a coin and Burst is at $600 per coin. So we will really need a sliding scale like you could make a priority or a low priority transaction. 1 Burstoshi or 1000 Burstoshi.



  • @CryptoNick said in BTC Blockchain issues:

    @gpedro If people leave BitCoin and come to Burst BitCoin will drop so in your case of .1 BTC means that BitCoin is at $10 a coin and Burst is at $600 per coin. So we will really need a sliding scale like you could make a priority or a low priority transaction. 1 Burstoshi or 1000 Burstoshi.

    Not exactly @CryptoNick, because you are assuming the money inside bitcoin economy will be always the same, but it will not happen, the money inside cryptoeconomies will grow in the next years for sure, that doesn't mean that BTC money will come to BURST, but new money will enter in BTC and part of it will come to Burst... ;P



  • @gpedro yeah I was just saying ideally people switch over, well they stop using BitCoin and use Burst so the market would leave BitCoin then no buy support makes the price go down. Since everyone would be getting out of BitCoin who would be buying it? They are all in Burst now at the same valuation of BitCoin and didn't lose any value at all and most gained exponentially. It is a win win once BitCoin users realize the potential.